Ann: Change in substantial holding fom NGF , page-2

So NGF have clawed their way to 14.6%. I'm not really that impressed at the progress and I doubt NGF are. Since April NGF have bought about 2.5% in the market and had only 5.5% acceptances.

I'd say the vast majority of those who were going to accept 7c will have done so already, so unless they up the offer they are stuck with trying to buy in market.

Talking of which they say they bought 5.2m in the market this last week. I don't see how they can do this as 5.2m shares haven't been available at 7c. Most trading has been at 7.1c and higher. There has been very minimal volume in the UK.

The takeover panel might be interested in how they got 5.2m shares within the rules?!